Friday!^^

Date: 29 October 2010

Duration: 1032pm

I reached home around 730pm today. I was not really busy in office today. I was doing some filing and drafting LXXXXX report.

There was a mini birthday celebration for October's babies in office after six today. We all stayed to join the party. It was really a short dinner break actually. The committees of Fund Club bought pizzas from PAPA JOHN and some drinks, and a cake from M n G.

Well, this office really give me a warm feeling. Though i was not that close with them yet, though i really dislike clearing file ( but i still have to clear this NXXXX file i did last week with Poh Yeng and i know more are coming), the office really give me a warm feeling.

Talking about clearing files, i started to understand why this senior, Poh Yeng had seven files to clear at one time. I kind of agree with Neo's method of doing audit. Instead of being fast and doing lots of mistakes which cause you to have more files to clear afterwards, why not being careful with minimal mistakes?

You probably do not understand what i was talking about.

In audit, each would be assigned a firm to audit everyweek, perhaps every two weeks if the firm is big or the audit fee is high. After the week, working papers and drafted report need to be submitted to the team learder for reviewing. The leader would make remarks should there be any mistakes or uncertainty about the figures. The more mistakes or less details of your report ( such as not cross referencing or not showing how you get that figures), the more modification ( or file clearing) you need to make. It's possible the file is reviewed and be requested to modified for as much as seven times. Remember, each week, there would be new job, when all the reviewed files come back at one time and at the same time, this is what would happen>>> one stack of orange file in front of your table!

I hate that!!! i promised myself, i would minimise the chance of clearing my audit file by being more cautious!

I brought back an audit file to clear this weekend. Too bad, i had forgotten to take softcopies from Poh Yeng. But, it should not be a big problem!^^

hmm... i understand why James would resign after two months, today is his last day. Your EQ need to be higher than your IQ!!!That's what i heard from seniors.

Typo Error!

Date: 28 October 2010

Duration: 1018pm

We went to client's office for auditing today. It's last day field work in client's office. We had been there till the Pak Cik ( the Guard) there also can recognise our car and us.

Not much was left today. I was preparing Management Representation letter and Director interest and benefit. I was kind of free today. I read through the working papers from Section E till Section A. I just realised the company is a "family" company. The main directors are husband and wife with five sub-directors. The sub-directors are actually their five children, each holding six percent of shares.

After going through the working papers, i could only see clearly the company, not everything, but much more as compared to previous days.

I was kind of blurred last week. I was supposed to go off early from client's office. Siew Choo called me backed for the NXXXX first draft report i did last week. Undeniably, i did mistakes!

It's typo errors. I have to admit that i did quite alot of typo errors. Besides the typo errors, the other error i did not blame myself. The deferred tax and cashflow statement were left unfilled as Poh Yeng had yet to completed that portions that time. As for other portions, i was following past year report. I did highlighted and flagged those pages that i was uncertain of to Poh Yeng, expecting that she would go through the report before passing it to Siew Choo. As for the alignment, perhaps i was really not used to using this software.

She called me back and wanted to brief me after Poh Yeng backed at six. I told her that i got something on at six today. She let me off today and say would brief me tomorrow evening when Poh Yeng was backed from client's place. Thank you. Thank you for forgiving those mistakes and the patience. LOLz.

I swear to myself, be the error be any error, no typo error again!!

I can do it! I SWEAR!

Tomorrow would be drafting reports day. One is editing the Nxxxx report, another report is the company that i have been following this week. It should be easier as compared to first time. I learned from my mistakes!

i did not enter office today~

Date: 27 October 2010

Duration 824 pm

I reached home around six today.

I did not enter office today. Neo and I were in client's office for auditing. Everything seems smooth. The progress was good. I had done my section E- operating expenses. The remaining section is Section F- Taxation which is the most difficult portion of working papers. I always heard groans from seniors about this section F.

Well, i have no idea how hard it is. I believe it is hard. I have yet to handle this challenge.

Looking upon that, but i believe that i can handle it.!!

I was doing Section E- Staff cost and Director remuneration. Many companies group EPF and SOCSO together regardless whether its director's or staff's EPF. We are required to reclassify EPF of Director into Director's remuneration or Non-fee emoluments from the EPF and SOCSO expenses.

As for the Staff cost, there is requirement under Companies Act on Schedule 9 Disclosure. Hence, we need to prepare working paper on the computation of Schedule 9 which would be used in drafting report later on.

I did not manage to finish my PCB test today. I guess i was kind of slow in using EXCEL. EXCEL has more functions yet to be explored. ^^

We had our lunch in one of the cafe in Cheng( opps, i forgot the name ). Four of us( including another two seniors auditing another company nearby our location) ordered the same meal - Asam fish rice. During lunch hour, it's really a good time to know more about people in the office--> gossip in the office. There is another senior ( he is also a MMU graduate) leaving the firm soon. There would be always people leaving and coming audit firm every month, that's what i heard from seniors. Well, i would just observe that. This is my second week, I had already seen two leaving. The first one is Fion who is leaving for ACCA examination. The second one is James, the MMU graduate aforementioned.

Tomorrow i would be entering office to do some printing. Oh yeah, would like to ask Jac about PCB computation too. Neo forgot how to compute PCB as she has only done it once. ^^

Thanks Neo for picking me up to client's office and sending me home today. Not forgetting to thank Neo to solve all my non-tally figures. ^^

My day ends with Gratitudes.

Date: 26 October 2010

Duration" 0831pm

I reached home around seven today. I was not in office for the whole day. Indeed, i was at LXXXXX office for audit. The progress was smooth. I finished several working papers of section E. The other working papers kind of not easy for trainee to handle.

I would not be entering office tomorrow too. There would be another outside audit day for me in LXXXXX. The employees there are friendly and helpful. They are willing to answer your queries should you have any doubts about the accounts.

Thanks Ms. Toh of LXXXXX for computing that amount for me.^^ Really sorry to trouble you all this while.

Well, of all the trainees, i would say i am probably the luckiest one. The seniors i followed, and following right now are all very patient and helpful. They are willing to teach and explain. After all, no matter how smart you are or how good your result is, audit work is still a brand new thing. I could confidently say that, passing audit subject or getting an A+ for audit subject does not help. Rather, experience counts.

Lee Kim( one of my trainee friend) has fallen sick today. She is having fever and digestion problem. Hope she has a speedy recovery.

I heard from senior that tax and audit department of my firm are kind of different. The audit department head like Guan Seng and Grace are more friendly and linear as compared to tax department head such as Ms. Leong. Well, i did not really work under any of them. So, i have no further comment on that. It's just that i never see any of them smiling except Grace. LOLz.

Ohyea, i took the shoes i ordered yesterday. Like it and thanks for the discount, Mr. Low

Tomorrow would learn PCB ( individual tax ) computation from Neo. ^^wee...

Wee.....TWO

Date: 25 October 2010

Duration: 814pm

I am following another new company this week, under a senior called Neo who has been in the audit firm for only four months. She is also MMU graduates. ^^I realise, seniors in this audit firm really pick up things fast. Well, they are all assigned a company to be handled independently. INDEPENDENCE make you grow~

We had conducted our audit in LXXXXX Sdn. Bhd. located in Cheng. It is a medicine production company. Comparing its filing system to NXXXX-the company which i was auditing last week, its filing system is far more systematic. I could easily vouch the items.

I was doing Purchases, Credit notes, and Revenue( Section D and Section E) -- Cut off test and transaction test. Cut off test is done to test whether the revenue or purchases have been taken up in an appropriate FYE. For this company, its FYE is 30 June. The cut off test is done by selecting the last five transactions before and after that cutting point which is 30 June.

As for the Credit notes test which is to ensure no purchases are being overstated ( after taking into account all the returns) for the year, it's done by voucing credit notes value exceeding APM. Luckily, none of the value exceeded the APM. I completed this working paper in a split of time. LOLZ.

As the the purchases or revenue transaction test, they are done to ensure that purchases or revenue are not overstated for the FYE. This is done by matching invoices and DO or BOL, and ensure all the items have been taken up in GL.

Tomorrow, i would be doing detecting unrecorded liabilities.

It's week two of my intern duration, hope i don't get that blurred. ^^

Tomorrow would be another brigther day, i feel it's better to leave office than to stay in the office.

Thanks the senior, Neo for being helpful.

I should stop here, i forget to take the shoes that i ordered a week ago on my way back just now. LOLz, it finally arrived yesterday. I thought the shoes would arrived at the end of this month. It just took one week. ^^

It has been a tiring day, but i feel it all worth it when you learned something new.

It's Sunday!

Date: 24 October 2010

Duration:1221pm

Oops, i forget to blog about my workday on Friday. As soon as i got back from work that Friday, i was on drama marathon. n_n

On Friday, i left office at 630pm. Well, i finished my job quite early. I stayed back a while to have little chat with the trainee who has been in the company for about five months. ^^ Well, it's just a short information sharing time.

Everybody seemed busy on Friday. I was doing cross referencing from trial balance to lead schedules to to working papers of various section-Section A ( share capital, reserves, bank etc). Section B(PPE and investments), Section C( inventories), Section D( Receivables), Section E( Payables and expenses), Section F( Taxation). Section G( Statutory Audit details), and Section Z.

i was really blurred about all these sections on the few days. it was really a hard time for me to find all the working papers without clearly understanding what all the sections consists of. I would like to thank Jac and Wilson for clarifying that for me and giving me that index copy as reference. It really helps a lot.

Besides cross referencing, i did some printing and filing. As the seniors was busying, i just did whatever i could to help them out.

i also called up NXXX company to verify the months when invoices were not filed. Of total, there were about three months9 total RM21 million value of purchase transaction) when suppliers invoices were not filed. The Account Clerk claimed that there was possibility of suppliers not sending the invoices or it could be the account clerk not printing the invoices received in mail box. However, she could not be hundred percent positive about that as she just took over the account in the month of March or April. Thanks to her honestly^^

----

Today is Sunday afternoon. Tomorrow would be working day.

After one week of working in audit firm, " i understand why people like Friday and dislike Sunday, because the next day matters "( this is what i posted in my facebook)

Today is Sunday, tomorrow really matters!!

I would meet another helpful seniors next weeks^^

tomorrow is friday~wee^^

Date:21 October 2010

Duration: 1052pm

The haze was getting serious in some area. Some of the schools had been temporarily closed down due to the haze that had reached more than 300 point critical level of the area.

Hope the haze would diminish soon.

I backed on time from work today and rushed for yoga classes at six thirty.

Though it was rushing, i felt refreshed walking out of yoga class after one hour. I sweat a lot.

Despite that, i realise my stamina had decreased. Probably due to unused of working life. I believe i would get better soon.^^

I was using CASEWARE to draft the report almost half of the day. Well, i realise i really need to do some homework this weekend to get myself off trouble for the next few weeks. There are too many excel files, too many working papers, too many codes , too many sections to remember. If you are unused or unfamiliar with all these, i find it kind of hard to proceed. I wonder if the seniors too take hours to finish drafting the report.

I did some printing and filing today too.^^ Again, thanks for all the senior's guidance and help~^^Sorry for buzzing you guys all the time.

Tiring day~

Off to bed now^^

@_@

Date: 20 October 2010

Duration: 811pm

I backed around seven pm today.

The seniors did not insist on my stay, indeed, she allowed me to leave when it reached 6pm and to proceed the remaining draft the next day. Thanks dear, I appreciate your kindness and your guidance.

This morning, again we went to NXXX at Melaka Raya to have the final audit at the client's place.

I was doing vouching on ten samples of purchases with highest values. The sources of documents involved Delivery Orders ( authorised) and Suppliers' invoices and Ledger.

Of the several samples, several of the samples' either invoices or delivery orders could not be found. We enquired client's account clerk for the incompleteness of source documents. As far as we were concerned, the purchases that were delivered through E-channels were not filed with Delivery Orders. As for the missing of invoices, the client just clarify that the suppliers did not provide the invoices for some of the months even though they had requested.

We finally finished our audit before lunch and today would be the last day of audit visit to this client's office. Clients dislike auditors' visit--> now i know why---> as every visiting cost such as travelling cost and parking fees would be charged on the clients.

Everything is very clear and detailed in audit firm. For copies of photostated documents to stationery used( included pens and pencil) would be charged on the clients. Hmm... I understand why clients dislike auditors most of the time.^^

After lunch, we backed to office to continue audit work on this company. Senior taught me using CASEWARE which is a software to draft audited financial report. Thanks a lot.

Before the drafting of words, i needed to verify the accuracy of the figures in the Financial statements of prior period. If there is no variances, only further drafting could be carried on. Luckily, no discrepancies found, i continue the next step--> keying in current year figures in trial balances. In the end, i should get ZERO balances.

ARGH!!

I did not get ZERO for the first time.

After much searching and assistance from seniors---> finally the account is balance!

The lesson is!-->TAXATION is a CREDIT item!!!!

After the trial balance was done, i then carried on the drafting of the remaining of the reports such as the Directors' report, Significant accounting policy etc etc.

I did not manage to finish it today, Yong Peng allows me to carry on tomorrow and urge me go back~LOLZ

I learned alot today! Thanks alot!!!! Especially the helpful seniors there~~

tuesD@y

Date: 19 October 2010

Duration:1125pm

Today haze was really serious.

I went out with Yong Peng for Outside Audit in NXXXX Telecommunication Sdn. Bhd.( At Melaka Raya).

It was kind of headache for me as the thing i hate the most would be checking people's work

.

I was requested to do Vouching. The objective of the vouching is to search for unrecorded liabilities.In another word, we were to ascertain whether liabilities accruing to financial year ended have been properly recorded in the financial statement.

The source of vouching inclusive of payment vouchers from july till 30 September and unpaid supplier invoinces as at 30 September. This company financial end is 1July till 30 Jun.

We vouched the payment vouchers on PM basis. For value of liabilities that exceeding that PM value, it would be selected as sample and be vouched.

As one of the seniors( she is actually a trainee who enter the company earlier on) had already done partly of the vouching, i was just continuing her task. to be frank, i was really blurred and

uncertain of the task, it took me sometimes to find the details.

Well, i hope it gets better soon.

I realised Microsfot Excel is an important "TOOLS" in auditing. The audit workpapers would be in Excels and believe me, it would be a really long table.

Furthermore, the company that i was auditing today is rather unique in its payment system.

there were three cheques clearing amounts in two or three invoices amount with each cheques amount unequal to the item invoice amount. In other words, they used three cheques to clear a lump sum of three different invoices and those invoices could be of different dates. hence, we could never know which cheques is actually paying which amount. we could only know that lump sum of that three invoices are cleared by that three cheques from three different banks.

Sound complicated??

hmm...

I had my whole day in the client's office from 9 30 till 6 pm sharp.

Today, i backed from work around 620 pm. Tomorrow would be at that time too. ^^.....

Tomorrow would still be going this company. I WANT A PARKING LOT right in front of that company!! BELIEVE IT! it would be there for me, as i tried this law of attraction before.!

another FIRST?

Date: 18 October 2010

Duration: 741 pm

I backed from workplace right on the dot today. It was my first day in audit firm.

The seniors and environment there are considerable. Seniors are helpful and friendly. They are willing to attend to you when you are puzzled with doubts. They are willing to fill your hands up when you are really too free. As for the office environment, as the building is new, everything looks clean and nice. The employees there are allowed to wear slippers in the office as well.

Despite the hospitality, there is one thing i dislike about the work place- that is each of the audit staff are not assigned any permanent seat. I saw one of the seniors standing there and looking for seats everywhere. In addition, there are only two desktops in the company. Consequently, we have to queue up if we really need computers especially when we need to use the CASEWARE to draft our financial report.

Together with me, there are three more trainees. We arrived at 8 30pm and were brought to tour the office around 9pm and had our briefing right away till lunch 1pm. After lunch, we had another briefing for CASEWARE - a software used to prepare financial report after audit till around 3 pm.

After 3pm, we were really free till we need to search around, looking for jobs to be done. Well, i was told that now is not peak period and they would be celebrating "OFF-PEAK" on this coming Friday. Yet, there was another senior telling me that, the PEAK does not seem to TURN " OFF" afterall. LOLZ.

There is only one WORD about AUDITING after my first working day in AUDIT DEPARTMENT today! THAT IS >>>

STUPIDITY!!!

I feel audit procedures are really lame and it really serves little purpose. It just serves the compliance purpose- we do that because the CCM requires the company to submit audited report within six months bla bla bla. It is so lame with all the forms, all the working papers, all the orange, yellow, beige filings, all the red references, etc etc..............

Anyway, i would be leaving office tomorrow to have outside AUDIT with one of the senior named POH YENG. I heard so she is another friendly and helpful senior. AFTER READING "SECRET"( though only 80 percent done), i would like to make my REQUESTs HERE!!

I ASK FOR HELPING HANDS WHENEVER AND EVER!!

I BELIEVE I WOULD BE ASSISTED EVERY TIME WHEN I NEED A HELP!!

I ASK FOR JOYS DURING MY WORK!!

I ASK FOR BACK HOME ON TIME DURING THIS INTERN!

I BELIEVE THEM UTTERLY

AND I AND RECEIVING IT!!!!

FEELING IT AS WELL

Like it or not, i would be in the company. I WOULD FULLY ENJOY THAT JOURNEY!!!

Besides making my request, i would like to express my gratitutes( we need to be thankful instead of complaining-by secret) to all my new colleages for lending helping hands and being friendly to us. I would like to thank this company for employing me as trainee and giving a chance to learn more, see more and to be explored to more things.

Next, i would like to thank GRACE- the assistant manager and PUI YIN for conducting the briefing and giving us little guidance for the very first day. Not forgetting is Ms. MayLing, for touring us around the office and telling all the necessary procedures etc. I fully appreciated what happen today and i wish for greater beginning every day of my working life. I hope and learn more and more and adapt to this newly environment in a speedy DURATION!!

To all my coursemates who are also undergoing internship in any states, i wish all of you all the best and enjoy the internship to the maximun. Be it happy or unhappy, we still have to be it and do it, so why not cheerfully finishing this and cheerfully graduating ???

THIS IS REALLY A LONG POST.... SHALL see ANOTHER POST TOMORROW!

Wern's Collection!

Date:12 October 2010

Mood: n_n

I just reached home from " TEA SPREE" with two of my long-never-seen friends.

My friend handed my belated birthday present together with a CD. It's actually photos we had taken during outings since years ago.

Well, looking back at one of the photo-- a picture i created years ago, i suddenly feel that how adorable was wern wern when she was just two or three.

She has really grown up now and i had actually forgot how she looked like when she was years back younger. She is adorable now too and still having the same habit of jumping up to my bed, treating the bed as if it's hers. I was once squeezed down by her on my own bed. Isn't she adorable?

The other photos were photos taken on Zoo Trip, Broga Hills trip, Planetarium muzium visit, MY KAYAK's experience, and other pictures which i lost due to the spoilage of my hard disk.

It was the first time i went for kayak after coming out from National Service. I had actually unlearned and relearned the correct method of Kayaking from Ykiat. Thanks a lot~^^

Though the kayak trip was quite a life-threatening one, it was a memorable and joyful experience of mine.

-------

Going internship soon, the sooner it comes, the more i'm missing the life of being a MMU undergraduates....I miss it, but the only thing i could do is to go ahead!!....